Video! Ravenswood Terrace Apartments to be completed by May 2014

The Ravenswood neighborhood of Lincoln Square is seeing what may be an unprecedented amount of infrastructure improvements and development in just a few years time.  Watch a video update of the Ravenswood Terrace Apartments; possibly the largest single residential development ever in the neighborhood at 150 units.  I believe Wolcott Village (built in the late 1930s) directly to the west of this site has 147 units.



Video courtesy of www.YoChicago.com (they do our videos too!).  I do wish the neighborhood allowed a larger apartment tower (I live nearby and was supportive of more units).  Going up could have allowed for more green space and flexible use around the main apartment tower.

The developers expect the first occupants to move in May of next year.

The rental factor when buying and selling a condo

The number of rentals in a condo building can affect the pricing and financing options for a condo sale.  Interestingly it can have a negative OR positive affect depending on the over-all situation.  Here's a few examples:

NO RENTALS! If a building does not allow rentals or has capped any new rentals it can be a turn-off for buyers looking for more flexibility. For example, some buildings only allow 25% rentals at any time or require owners to live in a unit for 24 months prior to allowing the unit to be leased out.

On the other hand, buildings that don't allow rentals or have capped them to a low percentage will usually be attractive to mortgage lenders.  A "no-rental building" will also attract a certain market looking for more stability and less issues come re-sale time.  All things being equal, a "no- rental" building may command a little higher price.

HIGH RENTAL OCCUPANCY! If a condo building has 50% or more rental occupancy it may be hard to get a conventional loan or to use your lender of choice to do a loan in the building.  In these cases, some specialty lenders for the building may be one of only few options.  These higher rental occupancy buildings often require 20% down loans or cash purchases.

Condos in high rental occupancy buildings with restricted future rentals may have to be priced 10% to 20% less (we've seen up to 50% less) than other comparable condos without the rental issues.

The rental situation in your building matters when it comes to pricing.

NO RENTAL RESTRICTIONS!  This can cut both ways.  A building with no rental restrictions and low rental occupancy can command a good price.  It gives the buyer the most flexibility (of course, the building could become a high rental occupancy building in the near future and change the game).

A building with no rental restrictions and HIGH rental occupancy may need to be priced lower than comparable units OR may still command a higher price.  In fact, because a lot of buildings in certain desirable locations are restricting rentals there may be high demand for a rent-able condo.   Some buyers are willing and able to make a larger down payment and pay a higher price for the flexibility to rent out the unit as they have few other options in a desirable location.


When pricing a condo for sale or working with our buyer clients we make sure to get all this information up-front to better understand the value of a condo.  It's also important to understand the risk tolerance and goals of the client.

Popular Roy's Furniture set to open new store by Labor Day weekend

The new Roy's Furniture building nears completion on North Sheffield Ave in Lincoln Park (Photo Bob DePalma).

According to Roy's Furniture Facebook page, the new store is targeting a Grand Re-Opening by Labor Day weekend.  Just think of all the North Siders that have sleeping and sitting on the floor!  Their time has come. Roy's has long been known for quality affordable furniture by locals.

Under Contract! Huge terrace proves too tempting in River North

Photo courtesy Joe Zekas at YoChicago.com

Our newest listing at 451 W Huron Unit 511 is under contract after the first day of showings.  We look forward to a smooth transaction with the buyers.  The asking price is $289,000 plus $30,000 for the deeded garage parking.

Joe Zekas of www.YoChicago.com (our video producer) sent me some great looking photos looking down at 451 W Huron and other buildings of this River North location.

Below you get a great look at the huge terraces on the 5th floor of 451 W Huron!

Photo courtesy Joe Zekas at YoChicago.com

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The one bedroom condo unit at 451 W Huron features an open floor-plan leading out to the terrace.

Interior photos by www.PhotoLightChicago.com

Call us if you are looking to buy or sell a River North condo.

Shame on Lincoln Park "dead zone"

We've talked about the "ghost town" that is North Lincoln Avenue at the former site of Children's Memorial Hospital.

Children's Memorial Hospital was vacated over one year ago.  There is still no development deal. (Photo Eric Rojas, Real Estate Broker)

 The stalled development is a shame for Lincoln Park. This was a high energy, high pedestrian area in a prime location of the city.  My wife and I miss being in the community on a daily basis and I'm saddened now when in the neighborhood for business or recreation.  It just seems unacceptable.

DNAinfo has the latest story on the business community along North Lincoln Avenue between Halsted and Larrabee. 

Bigger, stronger, faster Starbucks to open in Southport Corridor

New Starbucks on North Southport at Roscoe (Photo Bob DePalma)

Bob took this shot traveling between Lakeview showings this weekend. Starbucks delivers a new store for the people of Southport Corridor this week.  It will replace the tiny retail space just across the street.  The new store on the busy northwest corner of Roscoe and Southport takes the space of a former dry cleaner. This section around the CTA "L" stop has seen a lot of improvement.

Check out the really good Southport Corridor Facebook page

Lakeview condos are back: Two bedroom condo sales up 45%, three or more up 16%

We've had several clients buying Lakeview condos and we've sold some pretty cool listings this year as well.  The competition is way up resulting in multiple offers in most of our transactions.  We've also seen higher quality homes coming to market than over the past few years. 

Lakeview condos on North Cambridge near the lake

 Lakeview condo sales January 1st to August 1st, 2013

Three bedroom or more condo (3+)  sales
343 three bedroom or more (3+) units sold from January 1st to August 1st this year in the Lakeview Community Area. Sales are up 16% over same period 2012.  The median price is a robust $510,000, about $30,000 higher than in 2012.

Two bedroom condo sales
528 two bedroom condo units sold from January 1st to August 1st, up about 45% over same period 2012.  The median price is about $328,000, up from the $302,000 last year.

A well located highrise near West Barry and the lakefront paths.

 One bedroom condo sales
Lakeview is home to many lakefront high-rise buildings that house one bedroom condos.  Smaller mid-rise and converted vintage buildings also feature one bedroom homes making Lakeview a good place to find lower priced, smaller apartments in great locations.

249 one bedroom condos sold with a median price of $166,000 this year.  This is also way up 45% over the 171 units that sold same period 2012. Median price is also up about $20,000 over same period last year.

All sales statistics pulled from MREDLLC.com and analyzed by Eric Rojas, Real Estate Broker. Information is deemed reliable from the sources but not guaranteed.

Watch the Video! A River North condo with huge terrace and sophisticated location

Take a video tour of our new listing at 451 W Huron Unit 511 in River North for sale at $289,000 + $35,000 for deeded garage parking.  The sharp one bedroom condo has great amenity, comfortable features and a WOW terrace.




451 West Huron Unit 511 listed by Eric Rojas and Robert DePalma Real Estate Brokers at Kale Realty. The building also features 24hr doorman, fitness room, lobby, elevators, concrete floors between units and package receiving area.

The location is fantastic.  Erie park (Montgomery Ward Park) is located just around the corner. A dozen hoping restaurants, cafes and bars are located within a couple blocks.  A dog park is one block away near the river walk.  Get your workout and networking on at East Bank Club.  The location is surrounded by well kept buildings and high-end mansions.

451 W Huron has a unique and sophisticated location.  It's surrounded by high-end single family homes. The homes shown above are at the opposite corner of North Hudson and West Huron (Photo Eric Rojas, Real Estate Broker)

Spotted in Lincoln Park: Garfield Avenue?

One of my favorite spots in Chicago is the area of West Dickens Drive and North Lincoln Park West in Lincoln Park.  Just to the east is the Lincoln Park Zoo and the miles of amazing lakefront paths and parks. The surrounding area is loaded with gorgeous architecture and desirable real estate.

I noticed for the first time the building on the northeast corner of West Dickens and North Lincoln Park West had the engraving "Grafield Avenue".  I poked around online and basically found a couple unofficial sites that say the street name was changed in 1940 from Garfield (after President James A. Garfield) to Dickens.  I suppose you have to be a better president to keep your street name.

The corner is also home to R.J. Grunts and a Starbucks at the corner of Dickens and North Clark Street.  Both come in real handy after running around the lakefront with the kids.

Divvy Bikes in Lincoln Park: Where the buffalo roam

Divvy Bike Share station at a terrific location along the lakefront paths in Lincoln Park (Photos Eric Rojas, Real Estate Broker)

People in Chicago get real excited about things like bike shares and protected bicycle routes.  One of the latest Divvy Bike Share locations in Lincoln Park is in sight of buffalo.

The bike rack is located in front of the Peggy Notebaert Nature Museum.  The central location is fantastic for viewing nature habitats at the museum and lagoons (along with some stuffed animals) and then hitting the lakefront paths along the North Side to downtown.  DNAinfo.com has a nice round-up of Divvy Bike Share locations in Lincoln Park.